Crude Oil - May 7, 2020 - HDFC Securities

Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Crude oil prices traded steady on Thursday as NYMEX WTI Crude oil traded near $24 on mixed global cues. Crude oil futures prices at MCX for May contract gained by more than 2% to Rs.1846 by noon session.

Crude oil prices kept downside limited after US data showed weekly crude oil stockpiles rose by less than expected. Crude oil prices also got support from the data compiled by reuters showed rise in China oil imports.

The output cut from OPEC plus nations and reopening of lockdown in several nations may support crude oil prices to trade firm.

We expect oil prices to witness resistance near $27 and support at $22. MCX Crude oil May futures has support at Rs. 1700 with resistance at Rs.1950.

Source : Equity Bulls

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